U.S. crude inventories fall unexpectedly, big distillate build: EIA
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A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. REUTERS/Lucy Nicholson
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By David Gaffen
(Reuters) - U.S. crude oil stockpiles fell unexpectedly last week, while distillate inventories rose sharply, the Energy Information Administration's data showed on Wednesday.
That came despite a notable increase in stocks at the key Cushing, Oklahoma, delivery hub for U.S. crude futures, where inventories
Crude stocks fell sharply on the U.S. East Coast - the biggest weekly draw since May 2004 - to 14 million barrels, their lowest level since July 2015.
"Crude inventories have yielded a modest surprise draw in this week's report, led by a big drop in crude inventories on the East coast amid lower imports - even though refinery runs also dropped off," said Matt Smith, director of commodity research at ClipperData.
U.S. crude imports
Oil prices were barely changed, as the weekly data was overshadowed by OPEC's decision to limit oil output for the first time in eight years.
U.S. crude oil futures
"The report is fairly neutral; mildly bullish crude, modestly bearish for the products," Smith said.
(Reporting By David Gaffen; Editing by Marguerita Choy)
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